By Bianca Flowers and Mrinmay Dey (Reuters) -The United Auto Workers (UAW) union said members at four local chapters working at Caterpillar had voted in favor of a new six-year labor contract with the firm, preventing a strike at the world’s largest maker of construction and mining equipment. Unionized workers unanimously accepted the deal that…
BEIJING (Reuters) – Oil prices slipped in Monday Asian morning trade as concerns about possible further U.S. interest rate hikes continue to rattle investors, though a recovery in Chinese demand and a weaker dollar provided some support. Brent crude futures fell 15 cents, or -0.18%, to $82.63 per barrel by 0132 GMT. West Texas Intermediate…
By Hannah Lang and Nupur Anand (Reuters) -State regulators closed New York-based Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits. The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion in…
By Howard Schneider WASHINGTON (Reuters) -Earlier this month the U.S. Federal Reserve in a report to Congress gave what has become a standard reassurance: Banks were strong and the overall financial system in solid shape. That confidence is now being tested as the Fed and other regulators watched the failure of Silicon Valley Bank last…
By Hannah Lang (Reuters) -State regulators closed New York-based Signature Bank on Sunday, just two days after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and left billions of dollars of deposits belonging to companies and investors stranded. The U.S. Treasury Department and other bank regulators said in a joint…
By Hannah Lang (Reuters) -New York state’s Department of Financial Services said on Sunday it has taken possession of New York-based Signature Bank and appointed the U.S. Federal Deposit Insurance Corp as receiver, the second bank failure in a matter of days. Signature Bank had deposits totaling approximately $88.59 billion as of Dec. 31, the…
By Lewis Krauskopf (Reuters) – A look at the day ahead in Asian markets from Lewis Krauskopf. Monday could kick off a rocky week in financial markets. A banking blow-up in the U.S. is sparking fears of global contagion risks, and those fears could emerge in Asian trading as the week begins. Regulators were scrambling…
By Andrew MacAskill and Pablo Mayo Cerqueiro LONDON (Reuters) – A would-be buyer for the UK arm of failed U.S. lender Silicon Valley Bank (SVB) stepped forward on Sunday as British Prime Minister Rishi Sunak said his government was working to limit any fallout for companies from the bank’s demise. Bank of London said it…
By Dhara Ranasinghe LONDON (Reuters) – Markets were set for a bumpy ride this week as the fallout from collapsed startup-focused lender Silicon Valley Bank (SVB), the biggest U.S. bank failure since the 2008 financial crisis, coincides with key economic data and policy meetings. U.S. February inflation numbers are due out on Tuesday, followed by…
By Andrew MacAskill LONDON (Reuters) -Possible buyers of the UK arm of failed U.S. lender Silicon Valley Bank emerged on Sunday as Prime Minister Rishi Sunak said the British government was working to find a solution to limit the potential hit to companies resulting from the demise. SoftBank-owned lender OakNorth Bank is weighing a bid…
